By Admin 
Rupee vs Dollar: Amidst the tension in West Asia, Trump’s ultimatum and fear of rising inflation, a relief news has emerged for the Indian economy today. In fact, today on April 7, the rupee opened 6 paise stronger at 93 against the dollar in early trade. Today the Indian Rupee was trading at Rs 93.00 per dollar as against Rs 93.06 per dollar in the previous session.
RBI’s action worked
In an attempt to keep the rupee stable while reducing speculative pressure, the Reserve Bank of India (RBI) has tightened the rules in the forex derivatives market. Under this, the limit of net open positions for banks has been fixed at $100 million. This will reduce betting on rupee weakness and future demand for the dollar.
Banks have time till April 10 to comply with the RBI directive on net open positions of banks on the Indian Rupee (NOP-INR). After facing huge fluctuations last week, the rupee was quite calm in the last session, trading in the range of 30 paise. Traders will now await the first Monetary Policy Committee meeting of FY27 on April 8, where the central bank is expected to keep rates on hold, while there will also be announcements on liquidity management, inflation and growth projections.
Monetary policy will be announced tomorrow
Tomorrow i.e. on 8th April the Reserve Bank will announce its monetary policy. The market expects that RBI can take many big steps to handle the falling rupee, while there is little scope for reducing the repo rate.
Investors alerted
Investors around the world are cautious about the rising prices of Brent crude as the crisis in West Asia is deepening. US President Donald Trump has threatened to destroy Iran if it misses Tuesday’s Tuesday deadline to open the Strait of Hormuz – a vital energy route for many countries. Brent crude prices are trading at $111 per barrel, which is 1.4 percent higher than the previous session. Since the war started, oil prices have increased by almost 50 percent.
Also read:
Share Market Today: Fear of Trump’s ultimatum! Sensex fell by more than 900 points, Nifty also fell by 288 points.